v3.26.1
INCOME TAX EXPENSE
 9 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAX EXPENSE

NOTE 6－ INCOME TAX EXPENSE

 

The income tax provision for the nine months ended January 31, 2026 and 2025, consists of the following:

        
   Nine Months ended January 31, 
   2026   2025 
         
Federal          
Current  $138,711   $70,738 
Deferred   –    – 
           
State          
Current   29,723    2,466 
Deferred   –    – 
           
Income tax provision  $168,434   $73,204 

 

The deferred tax assets as of January 31, 2026 and April 30, 2025 were $98,161 and $102,611, respectively, which were fully reserved for valuation allowance. The net change in valuation allowance as of January 31, 2026 and April 30, 2025 was $4,450. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of January 31, 2026 and April 30, 2025. Up to six years since inception remain open for examination only by taxing authorities of US Federal and State of Nevada.

 

A reconciliation of the federal income tax rate to the Company’s effective tax rate for the nine months ended January 31, 2026 and 2025, consists of the following:

        
   Nine months ended January 31, 
   2026   2025 
Statutory federal income tax rate   21.0%    21.0% 
Deferred tax asset   (86.4%)   (34.2%)
Change in valuation allowance   86.4%    34.2% 
Adjustment to current year taxes   86.4%    34.2% 
Effective Tax Rate   107.4%    55.2% 

 

The effective tax rate differs from the statutory tax rate of 21% for the nine months ended January 31, 2026 and 2025, primarily due to the adjustment to current year taxes and valuation allowance on the deferred tax assets.